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1 Sovereign gold price crosses Rs. 25000 for the 1st time - International gold investment up 35%
Posted on: 29/Jan/2019 11:44:13 AM
The price of gold which showed a gradually increasing trend due to several factors such as changing the gold price in the international market, recession in the stock market, depreciation of Indian Rupee, etc., touched a historically unprecedented price yesterday (Monday, 28th January).
For the 1st ever time, a sovereign of 22-carat gold crossed the price of Rs. 25000. In the Chennai Metro City, the gold price was up and sold at Rs. 25016 per sovereign. Gold was sold at Rs. 3127 per gram.
The day-before-yesterday, on Sunday (27th January), a gram of 22-carat gold was sold at Rs. 3121. Due to the sudden steep increase in the gold price, the crowd level in the shops was lower.
The General Secretary of the Chennai Gold and Diamond Jewellery Traders’ Association, S. Santhakumar explained:
‘The US Dollar is deprecating in the international market. Due to this, the investment in industrial fields is also down. However, investment in gold has registered a substantial increase.
The investment in gold is up by 35%. So, the gold price in the international market is also up. In India, the price of gold has reached an unprecedented high.
For the 1st ever time, the price gold per sovereign has crossed Rs. 25000. There are prospects of a further increase in gold price in the next few days. As auspicious days are wedding are nearing fast, the people have to come and buy gold due to compelling situations!’
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